The biggest failure of economic liberalization has been its inability to provide good jobs in the formal sector
The biggest failure of economic liberalization has been its inability to provide good jobs in the formal sector. In fact, employment for men in the organized sector, decent jobs that pay regular wages with benefits such as provident fund and gratuity and job security, shrank in the 15 years between 1997 and 2012. The total number of men employed in the organized sector, according to the latest Economic Survey, was 23.53 million as on 31 March 2012, the last date for which information is available. That includes employment in both the public and private sectors. But in 1997, the number of males employed in the organized sector was 23.61 million. Remember, this is the period that saw some of the best years for the economy, with very strong growth in gross domestic product and a boom in the stock markets. Nor did the global financial crisis have anything to do with it—in 2007, before the crisis hit and at the peak of the economic and market boom, the number of organized-sector jobs for men was 21.96 million, much lower than in 1991. Chart 1 has the dismal details.
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